| |
Carreker
Corporation Press Release - May
2, 2005
Carreker’s New Payment/Guard™ Solution
Offers Financial Institutions Advanced Protection Against
Double Posting of Image Replacement
Payment/Guard™ Provides Financial
Institutions with the Ability to Minimize Costly
Processing Delays and Improve Customer Service
DALLAS, TEXAS (May 02, 2005) — Carreker
Corporation (Nasdaq: CANI), a leading provider of
technology and consulting solutions for the financial
industry, announced today that they have developed
a duplicate IRD protection solution, Payment/Guard™ that
provides financial institutions with advanced protection
against double postings of Image Replacement Documents
(IRDs).
After the Check Clearing Act for the 21st Century
(Check 21) took effect October 28, 2004, banks were
no longer required to have access to original checks
for collection and settlement, but could use substitute
checks (also known as IRDs) and images instead.
Financial institutions are currently creating hundreds
of thousands of IRDs daily, with these volumes expected
to continue to grow. A number of production control
situations can cause duplicate IRDs to inadvertently
be introduced to a financial institution, resulting
in possible double postings, increased operational
costs, and customer service issues.
Payment/Guard™ prevents these double
postings by detecting duplicate IRDs prior to posting.
The solution interfaces to a bank’s existing
capture system to identify and store IRDs received
by the bank as part of inclearings or Proof of Deposit
(POD) work. As each new IRD is processed, it is compared
to previous items to check for duplicates. Detected
duplicates are then prevented from being posted to
customer accounts.
“With the proliferation of IRDs in the financial
services industry, there is a strong likelihood that
the number of duplicate IRDs will continue to grow
at a rapid rate,” said John Carreker, president,
Global Payments Technology, Carreker. “Our
Payment/Guard™ solution allows financial
institutions to greatly improve customer service
and operational efficiencies by providing them with
reports that facilitate handling of exceptions, duplicate
paper, and re-presentments.”
“IRDs are playing a much larger role in the
financial services industry than originally predicted,” said
J.D. (Denny) Carreker, chairman and CEO, Carreker. “Duplicate
IRDs have become a growing challenge for financial
institutions and as they seek solutions to address
this issue, we are pleased to deliver another key
component of our convergent payments solutions.”
Carreker continued, “For more than 15 years
Carreker has offered duplicate protection in Electronic
Check Presentment (ECP) check processing and now
we have carried that technology forward to include
duplicate protection for IRDs. Payment/Guard™ will
serve our clients well as they continue to reap the
many benefits brought on by the enactment of Check
21.”
About Carreker Corporation
Carreker Corporation improves earnings for financial
institutions around the world. The Company’s
integrated consulting and software solutions are designed
to increase clients’ revenues and reduce their
expenses, while improving security and increasing the
value of their customer relationships. Carreker provides
products and services to more than 250 clients in the
United States, Canada, the United Kingdom, Ireland,
continental Europe, Australia, New Zealand, South Africa,
South America, Mexico, and the Caribbean. Clients include
the full range of community, regional and large banks,
among them more than 75 of the largest 100 banks in
the United States. Headquartered in Dallas, Texas since
1978, Carreker Corporation has offices in London and
Sydney. For more information, visit www.carreker.com.
|
|
